GLOBAL CAPITAL MARKETS - Bloomberg Finance L.P....RBC Capital Markets 13 3.021 14,894 57 11 3.261...

GLOBAL CAPITAL MARKETSLEAGUE TABLESQ1 2020 Preliminary

As of 25 March 2020

The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans,

bonds, equity and M&A transactions; according to Bloomberg standards.

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MANAGER RANKINGS

GLOBAL CAPITAL MARKETS

DATA SUBMISSIONS AND QUERIES

Contact EmailPhone

Q1 2020 PRELIMINARY AS OF 25 MARCH 2020

Americas

EMEA

Asia-Pacific

Paul Bandong

Katy Johnson

Zhen Hao Toh

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Bloomberg PreliminaryGlobalCapitalMarkets|Q12020

BloombergLeagueTableReports Page1

GlobalFixedIncomeReview

Corporate&FinancialBonds

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 6.445 80,722 524 2 4.764 1.681

BofASecurities 2 5.750 72,015 439 3 4.492 1.258

Citi 3 5.399 67,625 436 1 5.042 0.357

MorganStanley 4 4.217 52,819 332 6 3.400 0.817

GoldmanSachs 5 3.582 44,863 293 9 3.275 0.307

Barclays 6 3.421 42,843 305 4 3.893 -0.472

WellsFargo 7 3.174 39,758 215 14 1.875 1.299

BNPParibas 8 2.819 35,305 229 8 3.301 -0.482

HSBC 9 2.796 35,019 301 7 3.348 -0.552

DeutscheBank 10 2.762 34,587 237 5 3.716 -0.954

CreditSuisse 11 2.358 29,529 206 10 2.514 -0.156

RBCCapitalMarkets 12 2.160 27,052 206 15 1.831 0.329

MizuhoFinancial 13 1.742 21,817 269 12 2.102 -0.360

CreditAgricoleCIB 14 1.664 20,842 149 11 2.314 -0.650

CITICSecurities 15 1.494 18,714 194 26 1.078 0.416

SocieteGenerale 16 1.433 17,944 133 13 1.894 -0.461

ChinaSecurities 17 1.365 17,101 166 28 0.965 0.400

BankofChina 18 1.289 16,139 143 18 1.465 -0.176

Scotiabank 19 1.247 15,624 104 32 0.883 0.364

MitsubishiUFJFinancialGroupInc

20 1.185 14,839 146 17 1.477 -0.292

TOTAL 100% 1,252,457 4,128 100%

Financials56%

Industrials9%

ConsumerDiscretionary7%

Energy6%

Communications5%

Utilities5%

Others13%

Corporate&FinancialBonds:ManagerRankingsHistory

Corporate&FinancialBonds:IndustryBreakdown

56%

9%

7%

6%

5%

5%

13%

JPMorg

an

BofASecurities

Citi

Morga

nStan

ley

Goldm

anSachs

Barclays

2

4

6

8

Marke

tSha

re(%

)

0

10

2020 2019 2018



CorporateBondsQ12020 Q12019

Firm Rank MktShare(%) Volume(USDMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

JPMorgan 1 8.263 46,854 354 3 5.348 2.915

BofASecurities 2 7.022 39,821 289 4 5.332 1.690

Citi 3 6.747 38,258 286 1 5.665 1.082

Barclays 4 4.771 27,053 194 2 5.532 -0.761

MorganStanley 5 4.345 24,637 186 8 3.154 1.191

GoldmanSachs 6 4.084 23,156 163 6 3.747 0.337

DeutscheBank 7 3.155 17,891 133 5 4.387 -1.232

WellsFargo 8 3.082 17,476 149 14 1.947 1.135


HSBC 10 2.975 16,871 136 13 2.211 0.764

BNPParibas 11 2.922 16,570 134 9 3.005 -0.083

RBCCapitalMarkets 12 2.398 13,597 123 11 2.450 -0.052

MitsubishiUFJFinancialGroupInc 13 1.999 11,333 118 12 2.337 -0.338

SumitomoMitsuiFinancial 14 1.793 10,166 132 18 1.684 0.109

CreditSuisse 15 1.629 9,235 89 10 2.735 -1.106




ChinaMinshengBankingCorp 19 1.153 6,540 46 20 1.403 -0.250

IndustrialBank 20 1.131 6,411 55 31 0.768 0.363

TOTAL 100% 567,059 1,800 100%

FinancialBondsQ12020 Q12019


JPMorgan 1 4.975 33,869 170 2 4.297 0.678

BofASecurities 2 4.729 32,194 150 4 3.805 0.924

Citi 3 4.216 28,702 149 1 4.513 -0.297

MorganStanley 4 4.140 28,182 146 5 3.631 0.509

WellsFargo 5 3.273 22,282 66 14 1.827 1.446

GoldmanSachs 6 3.189 21,707 130 8 2.895 0.294

CreditSuisse 7 2.981 20,294 117 12 2.342 0.639

BNPParibas 8 2.715 18,485 92 6 3.575 -0.860

HSBC 9 2.666 18,149 165 3 4.285 -1.619

DeutscheBank 10 2.452 16,696 104 7 3.169 -0.717

Barclays 11 2.319 15,790 111 11 2.522 -0.203




BankofChina 15 1.607 10,940 88 16 1.554 0.053

Scotiabank 16 1.509 10,270 41 52 0.481 1.028


Commerzbank 18 1.404 9,555 48 27 0.976 0.428


UBS 20 1.382 9,408 76 10 2.743 -1.361

TOTAL 100% 680,772 2,298 100%

GlobalSSABondsQ12020 Q12019


JPMorgan 1 8.911 43,936 153 1 8.132 0.779

Barclays 2 8.044 39,662 110 2 7.460 0.584

HSBC 3 6.032 29,739 121 3 6.754 -0.722

Citi 4 5.979 29,481 114 4 6.351 -0.372

BofASecurities 5 5.433 26,785 111 8 4.342 1.091

Nomura 6 4.851 23,919 105 14 2.304 2.547

GoldmanSachs 7 4.062 20,028 62 10 4.122 -0.060

TDSecurities 8 4.062 20,027 121 7 4.375 -0.313

BNPParibas 9 3.600 17,749 61 9 4.272 -0.672

DeutscheBank 10 3.160 15,581 68 6 4.520 -1.360


UniCredit 12 3.050 15,039 39 13 2.552 0.498


SocieteGenerale 14 3.009 14,835 33 12 2.850 0.159

MorganStanley 15 2.435 12,003 113 17 1.770 0.665

WellsFargo 16 2.236 11,027 95 18 1.390 0.846

BMOCapitalMarkets 17 2.230 10,993 27 16 1.850 0.380

NatWestMarkets 18 1.612 7,946 39 15 2.114 -0.502

Natixis 19 1.252 6,172 28 24 0.888 0.364

NationalBankFinancialInc 20 1.238 6,106 28 21 1.061 0.177

TOTAL 100% 493,045 1,407 100%

InternationalBondsQ12020 Q12019


JPMorgan 1 8.778 107,445 532 1 7.376 1.402

Citi 2 7.159 87,625 459 2 6.686 0.473

BofASecurities 3 6.665 81,574 462 5 4.979 1.686

Barclays 4 5.371 65,742 339 3 5.961 -0.590

HSBC 5 5.004 61,251 382 4 5.687 -0.683

GoldmanSachs 6 4.688 57,381 304 8 4.460 0.228

MorganStanley 7 4.197 51,376 252 11 2.885 1.312

BNPParibas 8 4.187 51,249 267 7 4.881 -0.694

DeutscheBank 9 3.797 46,474 282 6 4.965 -1.168


WellsFargo 11 2.570 31,463 186 18 1.601 0.969



CreditSuisse 14 2.280 27,909 195 13 2.358 -0.078

UniCredit 15 2.123 25,988 112 14 2.244 -0.121

TDSecurities 16 1.909 23,368 138 15 2.027 -0.118

BancoSantander 17 1.605 19,640 104 23 1.322 0.283

Commerzbank 18 1.512 18,507 99 19 1.507 0.005

Nomura 19 1.404 17,190 65 26 0.958 0.446


TOTAL 100% 1,224,001 2,563 100%



CorporateHighYieldBondsQ12020 Q12019


JPMorgan 1 6.852 11,234 112 2 6.248 0.604

Citi 2 6.550 10,739 95 1 7.163 -0.613

Barclays 3 5.840 9,575 85 4 5.789 0.051

BofASecurities 4 5.754 9,434 95 6 4.852 0.902

DeutscheBank 5 5.501 9,020 76 5 5.077 0.424

CreditSuisse 6 4.360 7,148 67 3 6.018 -1.658

GoldmanSachs 7 3.782 6,200 68 8 4.613 -0.831

MorganStanley 8 3.570 5,853 56 7 4.671 -1.101

BNPParibas 9 2.938 4,817 54 11 2.649 0.289

WellsFargo 10 2.912 4,775 47 15 1.996 0.916


UBS 12 2.144 3,514 39 14 2.115 0.029

HSBC 13 2.066 3,387 44 10 2.759 -0.693


Jefferies 15 1.697 2,782 12 49 0.337 1.360

BankofChina 16 1.635 2,680 19 33 0.660 0.975

MitsubishiUFJFinancialGroupInc 17 1.589 2,605 29 17 1.481 0.108



HaitongSecurities 20 1.304 2,138 41 13 2.189 -0.885

TOTAL 100% 163,949 364 100%

GlobalBondsQ12020 Q12019


JPMorgan 1 12.315 44,463 183 1 10.574 1.741

Citi 2 11.972 43,225 169 2 9.559 2.413

BofASecurities 3 10.635 38,397 191 4 7.720 2.915

MorganStanley 4 7.436 26,847 90 6 5.960 1.476

GoldmanSachs 5 6.772 24,452 111 5 7.320 -0.548

WellsFargo 6 6.065 21,897 109 7 5.726 0.339

Barclays 7 5.566 20,097 89 3 7.883 -2.317


TDSecurities 9 3.435 12,401 57 11 3.573 -0.138

HSBC 10 2.729 9,854 54 10 3.587 -0.858

DeutscheBank 11 2.595 9,370 60 9 4.012 -1.417


Nomura 13 2.215 7,996 13 29 0.513 1.702

CreditSuisse 14 2.172 7,843 44 15 2.588 -0.416

BNPParibas 15 1.833 6,617 40 13 3.072 -1.239


Scotiabank 17 1.759 6,350 43 17 1.978 -0.219


USBancorp 19 1.346 4,861 50 21 0.731 0.615

SumitomoMitsuiFinancial 20 0.992 3,581 43 18 1.732 -0.740

TOTAL 100% 361,052 366 100%

CorporateSchuldscheineQ12020 Q12019

Firm Rank MktShare(%) Volume(EURMln) DealCount PrevRank PrevMktShare(%) MktShareChg(%)

LandesbankBaden-Wuerttemberg 1 26.059 1,131 13 1 21.337 4.722

UniCredit 2 14.062 610 8 7 5.485 8.577

Citi 3 13.823 600 1 8 4.633 9.190

BayernLB 4 13.237 575 6 3 16.456 -3.219

LandesbankHessen-ThuringenGirozentrale

5 9.607 417 5 2 18.640 -9.033

BNPParibas 6 5.242 228 3 - - 5.242

Commerzbank 7 4.734 206 2 6 6.091 -1.357

SocieteGenerale 8 3.951 172 2 - - 3.951

NorddeutscheLandesbankGZ 9 3.916 170 5 10 1.833 2.083

INGGroep 10 1.579 69 1 13 0.702 0.877

RaiffeisenBankInternationalGroup 11 1.544 67 1 9 4.039 -2.495

SEB 12 1.152 50 1 4 8.593 -7.441

DZBank 13 0.634 28 1 13 0.702 -0.068

ErsteGroupBank 14 0.461 20 1 - - 0.461

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 4,341 29 100%

IssuanceinESTRQ12020 Q12019


UniCredit 1 31.754 388 2 - - 31.754

BNPParibas 2 22.749 278 1 - - 22.749

CreditAgricoleCIB 2 22.749 278 1 - - 22.749

RBCCapitalMarkets 2 22.749 278 1 - - 22.749

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 1,223 2 100%



IssuanceinSOFRQ12020 Q12019


JPMorgan 1 15.936 15,730 23 2 21.149 -5.213

Barclays 2 14.148 13,965 20 1 21.191 -7.043

Citi 3 13.811 13,632 22 4 8.476 5.335

Nomura 4 9.450 9,328 14 4 8.476 0.974

MorganStanley 5 9.320 9,200 10 - - 9.320

WellsFargo 6 7.986 7,882 15 3 12.715 -4.729

TDSecurities 7 4.911 4,848 21 15 0.636 4.275

BofASecurities 8 3.622 3,575 12 13 1.123 2.499

CreditSuisse 9 2.431 2,400 3 - - 2.431

StandardCharteredBank 10 2.393 2,362 4 - - 2.393

BNPParibas 11 2.279 2,250 2 - - 2.279


GoldmanSachs 13 1.497 1,478 8 - - 1.497

Jefferies 14 1.383 1,365 9 8 3.179 -1.796

DaiwaSecurities 15 1.251 1,235 7 8 3.179 -1.928

BMOCapitalMarkets 16 1.237 1,221 3 10 2.225 -0.988

DeutscheBank 17 1.165 1,150 5 6 7.311 -6.146

MizuhoFinancial 18 0.927 915 7 - - 0.927

HSBC 19 0.719 710 4 7 5.722 -5.003

BankofNewYorkMellon 20 0.605 597 5 - - 0.605

TOTAL 100% 98,709 74 100%

IssuanceinSONIAQ12020 Q12019


HSBC 1 19.848 2,896 10 2 16.660 3.188


TDSecurities 3 11.564 1,687 7 4 14.113 -2.549

Barclays 4 11.392 1,662 8 6 6.089 5.303

NatWestMarkets 5 10.367 1,512 7 3 15.218 -4.851

DeutscheBank 6 5.980 872 3 11 1.986 3.994

LloydsBank 7 5.379 785 3 5 9.160 -3.781

BancoSantander 8 4.030 588 2 9 2.200 1.830

CreditSuisse 9 2.971 433 4 13 1.242 1.729

Nomura 10 2.920 426 2 15 1.015 1.905

Scotiabank 11 2.808 410 1 - - 2.808

StandardCharteredBank 11 2.808 410 1 - - 2.808

CommonwealthBankAustralia 13 2.250 328 1 - - 2.250

GoldmanSachs 14 1.783 260 1 - - 1.783

NationalAustraliaBank 15 1.485 217 1 - - 1.485

BofASecurities 16 1.035 151 1 8 2.909 -1.874

BNPParibas 17 0.898 131 1 16 0.829 0.069

CIBC 18 0.259 38 1 - - 0.259

- - - - - - - -

- - - - - - - -

TOTAL 100% 14,589 17 100%



USMunicipalsReview

USMunicipalLongTerm

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

Citi 1 16.007 13,631 64 2 12.840 3.167

BofASecurities 2 12.991 11,063 65 1 18.768 -5.777

JPMorgan 3 10.318 8,786 60 4 8.078 2.240

Jefferies 4 6.421 5,468 16 17 0.821 5.600

MorganStanley 5 6.198 5,278 57 5 7.086 -0.888


Barclays 7 5.580 4,751 18 9 3.822 1.758

GoldmanSachs 8 4.213 3,588 17 7 5.053 -0.840

WellsFargo 9 3.958 3,371 38 6 5.347 -1.389

PiperSandler&Co 10 3.932 3,348 109 - - 3.932

Stifel 11 3.808 3,243 143 8 4.135 -0.327

RaymondJames&Associates 12 3.470 2,955 113 12 2.818 0.652

RobertWBaird&Co 13 3.199 2,724 187 10 3.236 -0.037

SiebertWilliamsShank&CoLLC

14 1.466 1,248 9 - - 1.466

UBS 15 1.187 1,011 12 14 1.405 -0.218

DADavidson 16 0.966 822 100 15 1.091 -0.125

FHNFinancial 17 0.849 723 33 26 0.492 0.357

MesirowFinancialInc 18 0.731 623 17 25 0.505 0.226

PNCFinancialServicesGroupInc

19 0.724 617 28 24 0.536 0.188

SamuelARamirez&CoInc 20 0.534 455 8 16 0.882 -0.348

TOTAL 100% 85,156 1,742 100%

Thistableconsistsofalllong-termissuance(fixedrate&adjustablerate)fortheUSMunicipalMarketinUSDollars.Remarketeddeals,commercialpaper,derivatives,andprivateplacementsarenotincluded.

GeneralObligation20%

SCD15%

HGR10%

HOSP9%

Tobacco6%

TOLL5%

Others35%

MarketShareChange

MunicipalIndustryDistribution

20%

15%

10%9%6%

5%

35%

Citi

BofASecurities

JPMorg

an

Jefferies

Morga

nStan

ley

RBCCapitalMa

rkets

5

10

15

20

Marke

tSha

re(%

)

0

25

2020 2019 2018



USMunicipalLongTermNegotiatedQ12020 Q12019


Citi 1 17.908 11,960 43 2 12.940 4.968

BofASecurities 2 10.498 7,011 37 1 18.128 -7.630

JPMorgan 3 9.441 6,305 36 8 5.527 3.914

Jefferies 4 8.188 5,468 16 20 0.597 7.591

Barclays 5 7.114 4,751 18 9 3.904 3.210


GoldmanSachs 7 5.222 3,488 16 4 6.805 -1.583

Stifel 8 4.786 3,197 131 7 5.612 -0.826

PiperSandler&Co 9 4.744 3,168 91 - - 4.744

MorganStanley 10 4.455 2,975 33 6 5.658 -1.203


WellsFargo 12 3.247 2,169 26 5 6.028 -2.781

SiebertWilliamsShank&CoLLC 13 1.869 1,248 9 - - 1.869

DADavidson 14 1.225 818 97 14 1.481 -0.256

RobertWBaird&Co 15 1.099 734 49 16 1.134 -0.035

PNCFinancialServicesGroupInc 16 0.900 601 27 19 0.608 0.292


UBS 18 0.680 454 4 13 1.567 -0.887

FHNFinancial 19 0.615 411 10 26 0.337 0.278

FrazerLanierCo 20 0.586 391 16 37 0.175 0.411

TOTAL 100% 66,786 1,111 100%

USMunicipalLongTermCompetitiveQ12020 Q12019


BofASecurities 1 22.056 4,052 28 1 20.476 1.580

JPMorgan 2 13.506 2,481 24 2 14.888 -1.382

MorganStanley 3 12.534 2,302 24 4 10.899 1.635

RobertWBaird&Co 4 10.836 1,990 139 5 8.846 1.990

Citi 5 9.096 1,671 21 3 12.572 -3.476

WellsFargo 6 6.543 1,202 12 7 3.531 3.012

RaymondJames&Associates 7 3.315 609 41 8 2.820 0.495

UBS 8 3.031 557 8 17 0.973 2.058


JanneyMontgomeryScottLLC 10 1.860 342 24 16 1.367 0.493

FHNFinancial 11 1.698 312 23 18 0.905 0.793

RBCCapitalMarkets 12 1.330 244 9 15 1.413 -0.083

FidelityCapitalMarkets 13 1.270 233 20 10 2.000 -0.730

BankofNewYorkMellon 14 1.094 201 27 19 0.897 0.197

PiperSandler&Co 15 0.979 180 18 - - 0.979

Roosevelt&CrossInc 16 0.943 173 23 11 1.870 -0.927

HutchinsonShockeyErley&Co 17 0.935 172 10 12 1.641 -0.706

BOKFinancialCorp 18 0.865 159 25 20 0.599 0.266

BakerGroupLP 19 0.780 143 27 24 0.478 0.302

GoldmanSachs 20 0.544 100 1 25 0.373 0.171

TOTAL 100% 18,370 635 100%

USMunicipalLongTermFixedRateQ12020 Q12019


Citi 1 16.166 13,125 62 2 12.730 3.436

BofASecurities 2 13.595 11,038 65 1 18.851 -5.256

JPMorgan 3 9.187 7,459 56 3 8.458 0.729

Jefferies 4 6.303 5,118 15 17 0.804 5.499

MorganStanley 5 5.822 4,727 53 5 6.566 -0.744


Barclays 7 5.698 4,626 17 9 3.614 2.084

PiperSandler&Co 8 4.124 3,348 109 - - 4.124

WellsFargo 9 4.054 3,292 36 7 5.098 -1.044

Stifel 10 3.913 3,177 140 8 4.353 -0.440

GoldmanSachs 11 3.663 2,974 17 6 5.146 -1.483


RobertWBaird&Co 13 3.337 2,709 186 10 3.410 -0.073


UBS 15 1.245 1,011 12 14 1.481 -0.236

DADavidson 16 1.013 822 100 15 1.150 -0.137

FHNFinancial 17 0.872 708 33 28 0.455 0.417




TOTAL 100% 81,190 1,720 100%

USMunicipalLong&ShortTermQ12020 Q12019


Citi 1 15.518 13,831 67 2 12.144 3.374

BofASecurities 2 12.890 11,489 71 1 17.836 -4.946

JPMorgan 3 11.104 9,897 75 3 9.227 1.877

Jefferies 4 6.534 5,824 40 14 1.463 5.071

MorganStanley 5 6.244 5,566 63 5 7.660 -1.416


Barclays 7 5.331 4,751 18 9 3.716 1.615

GoldmanSachs 8 4.025 3,588 17 7 4.865 -0.840

WellsFargo 9 3.894 3,471 39 6 5.391 -1.497

PiperSandler&Co 10 3.811 3,397 126 - - 3.811

Stifel 11 3.699 3,297 151 8 3.932 -0.233


RobertWBaird&Co 13 3.059 2,727 188 10 3.136 -0.077


UBS 15 1.358 1,210 14 15 1.384 -0.026

DADavidson 16 0.925 825 101 16 1.020 -0.095

FHNFinancial 17 0.811 723 33 28 0.460 0.351



Oppenheimer&Co 20 0.669 596 57 23 0.522 0.147

TOTAL 100% 89,131 1,949 100%



GlobalEquityReview

GlobalEquity,EquityLinked&Rights

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

MorganStanley 1 9.757 12,552 75 1 10.130 -0.373

GoldmanSachs 2 8.843 11,377 73 2 8.450 0.393

BofASecurities 3 7.475 9,617 58 3 6.755 0.720

JPMorgan 4 6.557 8,435 73 5 5.720 0.837

Citi 5 5.478 7,047 52 4 6.069 -0.591

CreditSuisse 6 4.986 6,415 35 7 3.831 1.155

ChinaInternationalCapitalCorp

7 3.594 4,624 25 13 2.168 1.426

UBS 8 3.272 4,210 35 6 4.034 -0.762

Barclays 9 3.240 4,168 34 8 3.756 -0.516

CITICSecurities 10 3.125 4,020 16 9 3.502 -0.377


HSBC 12 2.014 2,591 23 11 2.485 -0.471

WellsFargo 13 1.573 2,023 17 19 1.097 0.476

Jefferies 14 1.426 1,835 32 21 0.939 0.487

DeutscheBank 15 1.367 1,758 15 14 1.732 -0.365

GuotaiJunanSecurities 16 1.246 1,603 14 20 1.043 0.203

BNPParibas 17 1.217 1,566 11 17 1.491 -0.274

IndustrialSecurities 18 1.131 1,455 12 152 0.036 1.095


Cowen&Co 20 1.002 1,289 21 24 0.826 0.176

TOTAL 100% 128,647 906 100%

Thistableconsistsofequity,equity-linked&rightsofferingsissuedglobally.Thistableexcludes:bondswithwarrants,closed-endfund&investmenttrustissuers,creditlinkednotes,reverseconvertiblesandself-ledofferings.Thethresholdsinclude12monthminimumcall,put&maturityperiods.Note:Issuercountryisdeterminedbycountryofrisk.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials22%

HealthCare18%


Technology11%

Communications9%

ConsumerStaples6%

Industrials6%

Energy5%

Others8%

GlobalEquity,EquityLinked&Rights:ManagerRankingsHistory

GlobalEquity,EquityLinked&Rights:IndustryBreakdown

22%

18%

16%11%

9%

6%

6%

5%

8%

Morga

nStan

ley

Goldm

anSachs

BofASecurities

JPMorg

an Citi

CreditS

uisse

5

10

Marke

tSha

re(%

)

0

15

2020 2019 2018



GlobalEquity&EquityLinkedQ12020 Q12019


MorganStanley 1 9.887 12,552 75 1 10.271 -0.384

GoldmanSachs 2 8.961 11,377 73 2 8.567 0.394

BofASecurities 3 7.575 9,617 58 3 6.849 0.726

JPMorgan 4 6.645 8,435 73 5 5.800 0.845

Citi 5 5.551 7,047 52 4 6.073 -0.522

CreditSuisse 6 5.053 6,415 35 7 3.884 1.169

ChinaInternationalCapitalCorp 7 3.642 4,624 25 13 2.198 1.444

UBS 8 3.316 4,210 35 6 4.090 -0.774

Barclays 9 3.283 4,168 34 8 3.808 -0.525


CITICSecurities 11 3.068 3,895 15 9 3.551 -0.483

HSBC 12 2.028 2,575 22 11 2.519 -0.491

WellsFargo 13 1.594 2,023 17 19 1.112 0.482

Jefferies 14 1.445 1,835 32 27 0.654 0.791

DeutscheBank 15 1.385 1,758 15 14 1.756 -0.371

BNPParibas 16 1.234 1,566 11 17 1.511 -0.277


GuotaiJunanSecurities 18 1.024 1,300 12 20 1.057 -0.033

Cowen&Co 19 1.016 1,289 21 22 0.838 0.178


TOTAL 100% 126,951 890 100%

GlobalEquityOfferingsQ12020 Q12019


MorganStanley 1 9.989 10,118 61 1 12.097 -2.108

GoldmanSachs 2 8.031 8,134 59 2 9.359 -1.328

BofASecurities 3 6.101 6,180 47 4 5.948 0.153

CreditSuisse 4 5.833 5,909 30 6 4.411 1.422

Citi 5 5.459 5,530 43 5 5.401 0.058

JPMorgan 6 5.399 5,469 57 3 6.425 -1.026



UBS 9 3.597 3,643 32 8 3.570 0.027


Barclays 11 2.963 3,002 26 7 3.803 -0.840

HSBC 12 2.012 2,038 17 14 1.592 0.420

DeutscheBank 13 1.633 1,655 13 10 2.218 -0.585

Jefferies 14 1.551 1,571 30 31 0.631 0.920

Cowen&Co 15 1.273 1,289 21 20 0.921 0.352


WellsFargo 17 1.143 1,158 15 22 0.813 0.330

GuotaiJunanSecurities 18 1.078 1,092 10 15 1.491 -0.413

BradescoBBISA 19 0.998 1,011 8 79 0.164 0.834

BMOCapitalMarkets 20 0.918 930 12 34 0.477 0.441

TOTAL 100% 101,294 793 100%

GlobalEquityIPOQ12020 Q12019





GoldmanSachs 4 5.643 1,818 12 4 4.464 1.179

CreditSuisse 5 4.576 1,474 11 10 2.335 2.241

MorganStanley 6 3.842 1,238 12 2 5.659 -1.817

Citi 7 3.339 1,076 10 9 2.403 0.936

JPMorgan 8 3.048 982 10 15 1.888 1.160

UBS 9 2.851 919 9 11 2.144 0.707

SinolinkSecurities 10 2.458 792 4 49 0.579 1.879

DeutscheBank 11 2.413 777 4 1 6.015 -3.602

HSBC 12 2.132 687 5 - - 2.132

Barclays 13 1.874 604 5 16 1.746 0.128

Jefferies 14 1.738 560 8 42 0.685 1.053

BofASecurities 15 1.505 485 5 7 3.290 -1.785

GFSecurities 16 1.374 443 7 41 0.706 0.668

Nomura 17 1.313 423 6 12 2.119 -0.806

EverbrightSecurities 18 1.266 408 8 37 0.926 0.340

BangkokBankPCL 19 1.180 380 1 - - 1.180

KasikornbankPCL 19 1.180 380 1 79 0.216 0.964

TOTAL 100% 32,217 247 100%

GlobalEquityLinkedQ12020 Q12019


BofASecurities 1 13.396 3,437 11 1 9.045 4.351

GoldmanSachs 2 12.637 3,242 14 3 6.638 5.999

JPMorgan 3 11.561 2,966 16 10 4.276 7.285

MorganStanley 4 9.485 2,434 14 5 5.823 3.662

Citi 5 5.915 1,518 9 2 7.711 -1.796

Barclays 6 4.546 1,166 8 12 3.819 0.727

WellsFargo 7 3.372 865 2 16 1.840 1.532

ChinaInternationalCapitalCorp 8 2.746 704 3 11 4.078 -1.332

BNPParibas 9 2.607 669 4 13 3.583 -0.976

HuataiSecurities 10 2.360 606 3 15 2.218 0.142

UBS 11 2.207 566 3 6 5.358 -3.151

HSBC 12 2.093 537 5 8 4.779 -2.686

CreditSuisse 13 1.972 506 5 14 2.601 -0.629

CITICSecurities 14 1.613 414 3 4 5.958 -4.345

ShenwanHongyuanGroup 15 1.472 378 2 18 1.214 0.258

ChinaMerchantsSecurities 16 1.209 310 2 19 1.207 0.002


DongyaQianhaiSecuritiesCoLtd 18 1.098 282 1 - - 1.098

UniCredit 19 1.087 279 2 - - 1.087

Jefferies 20 1.028 264 2 25 0.711 0.317

TOTAL 100% 25,657 97 100%



GlobalLoansReview

GlobalLoans

Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 11.015 66,025 213 1 10.442 0.573

BofASecurities 2 10.049 60,232 207 2 8.952 1.097

Citi 3 7.080 42,440 140 3 5.405 1.675

WellsFargo 4 5.182 31,062 123 4 5.041 0.141

DeutscheBank 5 3.714 22,264 94 11 2.480 1.234

GoldmanSachs 6 3.673 22,015 107 7 3.260 0.413

Barclays 7 3.126 18,735 102 8 2.915 0.211

MorganStanley 8 3.014 18,066 57 6 3.673 -0.659


HSBC 10 2.868 17,190 92 9 2.618 0.250

CreditSuisse 11 2.495 14,953 77 16 1.731 0.764

BNPParibas 12 2.201 13,192 65 14 2.027 0.174


MitsubishiUFJFinancialGroupInc

14 2.106 12,624 64 5 4.826 -2.720


Scotiabank 16 1.602 9,601 52 20 1.335 0.267

CreditAgricoleCIB 17 1.564 9,378 43 18 1.540 0.024

TruistFinancialCorp 18 1.495 8,958 51 - - 1.495

CIBC 19 1.434 8,594 33 24 1.023 0.411


TOTAL 100% 599,414 836 100%

Thistableconsistsofloanssyndicatedglobally.Thisexcludesbilateralloans.InvestmentgradeUSbridgeloanswillbeincludedonAnnounceDate.PleaseseeLeagueTableStandardsandGuidelinesforfurtherdetails.

Financials18%

Industrials16%


Communications10%

Materials8%

Technology8%

Energy7%

HealthCare7%

ConsumerStaples6%

Others6%

GlobalLoans:BookrunnerRankingsHistory

GlobalLoans:IndustryBreakdown

18%

16%

15%10%

8%

8%

7%

7%

6%

6%

JPMorg

an

BofASecurities

Citi

WellsF

argo

Deuts

cheB

ank

Goldm

anSachs

5

10

Marke

tSha

re(%

)

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15

2020 2019 2018



GlobalLoans(Bookrunner)Q12020 Q12019


JPMorgan 1 11.015 66,025 213 1 10.442 0.573

BofASecurities 2 10.049 60,232 207 2 8.952 1.097

Citi 3 7.080 42,440 140 3 5.405 1.675

WellsFargo 4 5.182 31,062 123 4 5.041 0.141

DeutscheBank 5 3.714 22,264 94 11 2.480 1.234

GoldmanSachs 6 3.673 22,015 107 7 3.260 0.413

Barclays 7 3.126 18,735 102 8 2.915 0.211

MorganStanley 8 3.014 18,066 57 6 3.673 -0.659


HSBC 10 2.868 17,190 92 9 2.618 0.250

CreditSuisse 11 2.495 14,953 77 16 1.731 0.764

BNPParibas 12 2.201 13,192 65 14 2.027 0.174




Scotiabank 16 1.602 9,601 52 20 1.335 0.267



CIBC 19 1.434 8,594 33 24 1.023 0.411


TOTAL 100% 599,414 836 100%

GlobalLoans(MandatedLeadArranger)Q12020 Q12019


JPMorgan 1 9.897 63,226 219 1 8.980 0.917

BofASecurities 2 8.652 55,271 215 2 7.425 1.227

Citi 3 6.961 44,470 155 5 4.251 2.710

WellsFargo 4 5.057 32,303 127 3 4.682 0.375

GoldmanSachs 5 3.625 23,158 112 8 2.927 0.698

DeutscheBank 6 3.552 22,691 108 13 2.288 1.264

Barclays 7 3.092 19,753 114 9 2.801 0.291

HSBC 8 2.976 19,012 121 7 2.934 0.042

MorganStanley 9 2.974 19,001 61 6 3.460 -0.486


BNPParibas 11 2.527 16,142 89 11 2.450 0.077

CreditSuisse 12 2.381 15,208 83 16 1.618 0.763





BankofChina 17 1.557 9,948 51 10 2.681 -1.124


Scotiabank 19 1.380 8,816 56 19 1.427 -0.047


TOTAL 100% 638,817 926 100%

GlobalSponsor-LedLoans(Bookrunner)Q12020 Q12019


GoldmanSachs 1 7.274 11,823 61 3 6.395 0.879

JPMorgan 2 6.868 11,163 53 1 6.780 0.088

MorganStanley 3 5.968 9,700 29 16 1.867 4.101

BofASecurities 4 5.848 9,504 52 2 6.640 -0.792

Barclays 5 5.590 9,085 52 7 3.541 2.049

DeutscheBank 6 5.165 8,395 44 5 5.603 -0.438

Citi 7 4.868 7,913 32 4 5.721 -0.853

CreditSuisse 8 4.674 7,597 42 6 4.033 0.641


Jefferies 10 3.715 6,038 34 10 3.079 0.636

KohlbergKravisRoberts&Co 11 3.170 5,152 23 8 3.465 -0.295


HSBC 13 2.980 4,843 22 25 1.281 1.699

WellsFargo 14 2.594 4,215 21 12 2.724 -0.130


BNPParibas 16 1.988 3,231 21 20 1.501 0.487

UBS 17 1.982 3,222 25 14 2.544 -0.562

AntaresCapitalLP 18 1.695 2,756 33 9 3.091 -1.396


GolubCapitalLLC 20 1.461 2,375 6 19 1.548 -0.087

TOTAL 100% 162,535 241 100%

GlobalSponsor-LedLoans(MandatedLeadArranger)Q12020 Q12019


GoldmanSachs 1 7.292 12,040 62 4 4.957 2.335

JPMorgan 2 6.437 10,628 52 1 6.414 0.023

MorganStanley 3 5.700 9,411 29 19 1.602 4.098

BofASecurities 4 5.681 9,381 52 2 5.976 -0.295

Barclays 5 5.264 8,691 53 8 3.294 1.970

DeutscheBank 6 4.852 8,011 46 3 5.630 -0.778

Citi 7 4.575 7,554 32 5 3.721 0.854

CreditSuisse 8 4.402 7,268 44 6 3.670 0.732


Jefferies 10 3.657 6,038 34 10 2.879 0.778


KohlbergKravisRoberts&Co 12 2.858 4,719 22 9 3.236 -0.378

HSBC 13 2.771 4,575 26 31 0.952 1.819

BankofChina 14 2.594 4,284 2 58 0.280 2.314

WellsFargo 15 2.511 4,146 20 7 3.493 -0.982


AntaresCapitalLP 17 1.840 3,038 36 11 2.874 -1.034

BNPParibas 18 1.782 2,942 26 16 2.340 -0.558

UBS 19 1.768 2,919 25 13 2.672 -0.904


TOTAL 100% 165,118 248 100%



GlobalBridgeLoans(Bookrunner)Q12020 Q12019


BofASecurities 1 21.337 3,200 3 - - 21.337

Citi 2 10.235 1,535 3 - - 10.235

BNPParibas 3 9.638 1,446 2 9 0.612 9.026


WellsFargo 5 6.668 1,000 1 7 0.967 5.701

CreditAgricoleCIB 6 5.234 785 2 15 0.259 4.975

JPMorgan 7 5.158 774 3 1 25.581 -20.423

DeutscheBank 8 3.825 574 2 - - 3.825

EmiratesNBDPJSC 9 3.400 510 1 - - 3.400

FirstAbuDhabiBankPJSC 9 3.400 510 1 - - 3.400

HSBC 9 3.400 510 1 20 0.116 3.284

SambaCapital 9 3.400 510 1 - - 3.400

Scotiabank 9 3.400 510 1 18 0.144 3.256

StandardCharteredBank 9 3.400 510 1 - - 3.400

BancoSantander 15 3.167 475 2 - - 3.167

CIBC 16 2.546 382 1 - - 2.546

Natixis 17 1.834 275 1 29 0.010 1.824

SocieteGenerale 17 1.834 275 1 - - 1.834

Barclays 19 0.424 64 1 5 6.850 -6.426

NationalBankofEgypt 20 0.324 49 1 17 0.163 0.161

TOTAL 100% 14,998 12 100%

GlobalBridgeLoans(MandatedLeadArranger)Q12020 Q12019


Citi 1 12.788 1,920 4 42 0.073 12.715

BofASecurities 2 11.056 1,660 3 - - 11.056

WellsFargo 3 9.225 1,385 2 8 0.873 8.352

BNPParibas 4 8.902 1,336 2 13 0.431 8.471



JPMorgan 7 5.153 774 3 1 23.823 -18.670

DeutscheBank 8 3.821 574 2 34 0.099 3.722

HSBC 9 3.578 537 2 14 0.414 3.164

EmiratesNBDPJSC 10 3.397 510 1 - - 3.397

FirstAbuDhabiBankPJSC 10 3.397 510 1 - - 3.397

SambaCapital 10 3.397 510 1 - - 3.397

Scotiabank 10 3.397 510 1 31 0.130 3.267

StandardCharteredBank 10 3.397 510 1 15 0.395 3.002

BancoSantander 15 3.164 475 2 - - 3.164

Barclays 16 2.988 449 2 5 6.187 -3.199

RBCCapitalMarkets 17 2.564 385 1 8 0.873 1.691

CIBC 18 2.543 382 1 - - 2.543

Natixis 19 1.832 275 1 56 0.009 1.823

SocieteGenerale 19 1.832 275 1 61 0.007 1.825

TOTAL 100% 15,014 13 100%

GlobalGreenUoPLoans(Bookrunner)Q12020 Q12019

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount PrevRank PrevMktShare(%) MktShareChg(%)

MitsubishiUFJFinancialGroupInc 1 22.997 1,049 2 30 0.231 22.766

CTBCFinancialHolding 2 21.718 991 1 - - 21.718

SumitomoMitsuiFinancial 2 21.718 991 1 28 0.545 21.173

HSBC 4 6.321 288 1 - - 6.321

DBSGroup 5 5.132 234 1 - - 5.132

StandardCharteredBank 5 5.132 234 1 2 8.232 -3.100

UnitedOverseasBank 5 5.132 234 1 - - 5.132

BankofTaiwan 8 2.318 106 1 - - 2.318

Commerzbank 9 1.279 58 1 - - 1.279

CreditAgricoleCIB 9 1.279 58 1 17 1.519 -0.240

FederalFarmCreditBank 9 1.279 58 1 - - 1.279

LandesbankHessen-ThuringenGirozentrale 9 1.279 58 1 - - 1.279


HuaNanFinancialHoldingsCoLtd 14 0.785 36 1 - - 0.785

KGIBank 14 0.785 36 1 - - 0.785

SinoPacFinancialHoldings 14 0.785 36 1 - - 0.785

TaiwanCooperativeFinancialHoldingCoLtd

14 0.785 36 1 - - 0.785

- - - - - - - -

- - - - - - - -

- - - - - - - -

TOTAL 100% 4,561 6 100%

GlobalGreenUoPLoans(MandatedLeadArranger)Q12020 Q12019


MitsubishiUFJFinancialGroupInc 1 7.902 609 4 48 0.143 7.759

HSBC 2 7.147 551 6 - - 7.147

DBSGroup 3 5.328 411 3 10 2.764 2.564

StandardCharteredBank 4 4.642 358 2 5 5.090 -0.448


SumitomoMitsuiFinancial 5 4.497 347 5 16 2.402 2.095

KBFinancialGroupInc 7 3.500 270 1 - - 3.500

UnitedOverseasBank 8 3.321 256 2 - - 3.321

Oversea-ChineseBankingCorp 9 3.152 243 3 12 2.592 0.560


Natixis 10 2.699 208 2 2 7.976 -5.277

NatWestMarkets 10 2.699 208 2 22 1.415 1.284

Citi 13 2.628 203 2 - - 2.628

SocieteGenerale 14 2.341 180 2 28 1.180 1.161

KGIBank 15 2.225 172 2 - - 2.225

CIBC 16 1.993 154 2 - - 1.993

Rabobank 16 1.993 154 2 47 0.167 1.826

BankofCommunications 18 1.870 144 1 - - 1.870

AegonNV 19 1.606 124 1 - - 1.606

BancoSantander 19 1.606 124 1 14 2.411 -0.805

TOTAL 100% 7,710 19 100%



GlobalAcquisitionLoans(Bookrunner)Q12020 Q12019


JPMorgan 1 9.188 11,012 42 1 15.730 -6.542

BofASecurities 2 8.922 10,693 46 4 6.319 2.603

Citi 3 5.493 6,583 24 5 5.745 -0.252

GoldmanSachs 4 5.181 6,210 34 6 5.074 0.107

DeutscheBank 5 4.072 4,881 27 11 2.402 1.670


CreditSuisse 7 3.622 4,340 26 10 2.658 0.964

MorganStanley 8 3.519 4,217 16 2 9.131 -5.612

Barclays 9 3.511 4,208 34 7 4.761 -1.250

HSBC 10 3.328 3,988 20 15 1.374 1.954

BNPParibas 11 3.065 3,673 18 18 1.145 1.920



KohlbergKravisRoberts&Co 14 2.277 2,729 13 17 1.176 1.101


GolubCapitalLLC 16 1.982 2,375 6 39 0.505 1.477

WellsFargo 17 1.966 2,356 15 8 3.496 -1.530

CIBC 18 1.520 1,822 6 27 0.729 0.791

Natixis 19 1.449 1,737 8 29 0.678 0.771

Scotiabank 20 1.417 1,699 6 21 1.026 0.391

TOTAL 100% 119,847 203 100%

GlobalAcquisitionLoans(MandatedLeadArranger)Q12020 Q12019


JPMorgan 1 8.657 10,615 42 1 13.271 -4.614

BofASecurities 2 7.202 8,830 46 6 4.062 3.140

Citi 3 5.651 6,929 26 8 3.290 2.361

GoldmanSachs 4 4.976 6,101 34 4 4.779 0.197


DeutscheBank 6 3.900 4,782 28 12 2.531 1.369

Barclays 7 3.715 4,554 36 5 4.654 -0.939

MorganStanley 8 3.473 4,258 17 2 8.995 -5.522

CreditSuisse 9 3.455 4,236 26 13 2.508 0.947

BNPParibas 10 3.040 3,727 23 14 2.380 0.660

HSBC 11 2.970 3,641 22 11 2.715 0.255



WellsFargo 14 2.235 2,741 16 7 3.316 -1.081


KohlbergKravisRoberts&Co 16 1.965 2,409 13 21 1.110 0.855

CIBC 17 1.785 2,188 7 27 0.752 1.033

Natixis 18 1.463 1,794 10 34 0.563 0.900


AntaresCapitalLP 20 1.423 1,745 30 25 0.879 0.544

TOTAL 100% 122,606 212 100%

Bloomberg – League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines

Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identifiedbased on factors such as currency, market of issuer and/or country of risk/incorporation.

Fixed Income

All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited 100% to the 144A tranche and 0% to the REG S tranche. Non-USD denominated 144A/REG S issues are credited 100% to the REG S tranche and 0% to the 144A tranche. Self-led transactions are included. New money portions of exchange offers are eligible for credit.

Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 50 million. Note: Criteria may vary for some local and/or regional tables.

Equities-Linked

Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bondswith attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond.

Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-IPO convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner.

Equities

Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings.

Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables.

Bloomberg – League Tables Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

Loans

Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is 100% at the lender’s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security.

Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended orrestated securitizations, receivable and guarantee facilities.

US Municipals

Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence ofreported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table is provided in three formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.

The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on

LEAG<GO>.

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